A letter from the CEO of Energo Labs
Dear investors:
As you all know, Energo is currently undergoing a series of strategic and intensive transformations. Throughout this period, we have received many questions from our community members — as always, we appreciate your continued support and attention. I’m taking the opportunity today to address our company’s current circumstances and several primary issues of concern.
Many people are concerned about Ms. Kaikai Yang’s resignation from her position as Energo Labs’ COO and have asked me about the specifics of the situation.
First of all, I would like to thank Ms. Kaikai Yang for her continuous contributions to Energo since the company’s inception. She is a strong executive and has worked hard to promote Energo, and her efforts have undeniably solidified the company’s brand reputation. Ms. Kaikai Yang and I have different divisions within the company — due to my technical background, I mainly oversee business-to-business interfacing and product planning, and Ms. Kaikai Yang is primarily responsible for market operations.
However, Ms. Kaikai Yang and I have developed divergent versions regarding the company’s future development, resource allocation, and business strategy. Therefore, after a series of management considerations and coordination efforts, Ms. Kaikai Yang decided to leave the Energo team at the end of August. We wholly respect Ms. Kaikai Yang’s decision and sincerely wish her the best in her future endeavors within the blockchain industry.
Energo Labs will continue to expand upon our blockchain industry roots and undergo a series of internal upgrades –
Through critical analysis of our past experiences in the field, we have discovered that there were some vulnerabilities in our previous business strategy:
In this high segmented energy industry, different companies have very different needs. Listed companies’ requirements are quite different from those of startups’. In addition, every country’s energy-related policies, power infrastructures, and electricity pricing systems are different — these factors limit the scalability and progress of our projects; customization for different projects has made our workload a bit overwhelming.
The underlying blockchain infrastructure also places restrictions on our project development. The public chains that currently exist in the market are unfriendly to energy-related applications and IoT devices. Project’s development and operating costs fluctuate with the changing cryptocurrency prices so much that neither we nor other energy companies can sustainably afford, let alone to scale up. Additionally, many exchanges do not support QRC20 tokens.
Therefore, based on the gap and demand in the blockchain infrastructure market, BIOTA Project has been founded: .
- Energo Labs will be positioned as an application service provider similar to Consensys. As such, we will transform Energo in the following ways:
- The TESLA protocol will be launched by Q2 in 2019 that will better support the input of off-chaindata, especially meter data. It will also support other industries’ data collector onchain.
- By using proven scenarios within the energy industry as guide, we will gain a more thorough and deep-rooted understanding about the industry, focusing more on industry demands and large-scale projects’ actual implementations.
We want to launch products that can make the blockchain industry more connected with \the energy industry; that are more IoT-friendly; that require zero overhead and zero fees; and that can create a basic template for different scenarios so that energy companies can develop their own DApps faster and more efficiently based on their individual needs. Of course, we will develop application templates for other industries together with developers in our community in the future-BIOTA is a project we started at the beginning of this year with a vision to create a blockchain platform with better performance at the commercial level. BIOTA will noly only be able to support our current partners’ applications, but also be able to help many more DApps from other sectors. We chose not to publicize BIOTA until it was truly developed. However, we are now ready to announce that BIOTA’s test network will soon be launched. The BIOTA public chain whitepaper is complete and has been published on biota.io as well. According to the whitepaper, we will also launch a new antonomousorganization and “Parliamentary Program” in the future. We will give our community power and responsibilities to maintain BIOTA network to ensure a healthy grow of this ecosystem.
This doesn’t mean that we’ve given up on or shifted our focus away from the energy blockchain industry. On the contrary, a public blockchain platform will help us expand our ecosystem and attract more DApp developers. What we need is not to change the world but to help the whole industry. Now we can help the energy industry and the financial industry, and in the future, we will be able to help more companies launch their DApps with the help of BIOTA ecosystem..
While developing BIOTA, we will not let go of Energo’s energy projects. In our next phase, we will focus on helping energy companies develop and deploy their applications on our public chain. At the same time, we are currently working with the local Taiwanese government to develop regional energy trading centers that conduct peer-to-peer energy transactions through virtual power plants — we will also add RECs certification and issuance to this system. Additionally, we will continue to actively promote the landing and development of relevant local projects in South Korea and across Southeast Asia.
Thank you to all our investors and partners who continuously show their love and support for Energo Labs. Only by constantly changing can we maintain our competitive advantages and innovative edge in the industry, and we will keep ourselves grounded in the industry to ensure the implementations of blockchain projects.
We will continue to recruit more talented people to join our team in the near future. I firmly believe that Energo Labs will soon emerge from our cocoon as a metaphorical butterfly after a series of developmental changes and innovations, and I will remain firmly at my post and continue to unrelentingly promote energy blockchain technology.
Energo Labs
Ray Chu
